Speaking toward the end of a 400-point rally on Wall Street spurred by better-than-expected earnings from Lehman Brothers and Goldman Sachs , Adami said he still has confidence in Goldman – although he wouldn’t “pile into” Lehman.

On gold, which was off strikingly from its high Tuesday, Adami said gold continues to be a trade directly correlated to the weakness of the U.S. dollar. If and when the dollar rebounds, he believes the gold trade will unwind quickly. Until then, the way to play gold is with the (GLD) ETF, not the miners, as far as he is concerned. The fact that a stock like Newmont Mining has been down at the same time gold prices are soaring is “telling you something,” he said.

Steel stocks, though, continue to rip higher. Adami said it’s because they still have pricing power. Nucor and U.S. Steel are two names he would buy. “The steel story is real,” he said.